What are the Advantages of Having Insurance?

Many of us consider insurance as something which should be done only with surplus money. But this is not the right approach and one should know that insurance is a way to achieve both security as well as savings at the same time. With higher living standards and better economic conditions, it is very important to have an insurance cover for better and secure future. Moreover having a financial plan is a necessity nowadays. Your Personal Financial Mentor always suggests you that investing in an insurance plan is the best way to get a tax redemption as well as improve your savings.

We are going to discuss the various benefits of having life insurance for you and your family.

Full Risk Coverage: Insurance provides total risk coverage so that your family can enjoy the same life even in case of any mishap in the future. Your family is safe from any unseen tragedy.

Freedom from Rising Health Expenses: Most of the health insurance plans offer protection to the person from certain critical diseases and even the hospitalization charges. With increased medical costs and the occurrence of some diseases due to the changed lifestyle, this has become an important benefit of health insurance.

Secure long term investment: The money involved in insurance is very critical for the individual and hence most of these insurance has best secured investment plan for the maximum benefit of the customer. With long-term investment in life insurance, there are no chances of risky investment or any type of short-term money gain opportunities.

Regular income with annuities: It is better to save for your retirement and life insurance is the best way to save for your future. With the money you saved in the insurance, it will be ensured that you get a regular income in the later phase of your life.

Growth opportunities with dividend: You can get a chance to participate in economic growth without any substantial risk which ensures that you will receive dividends/bonus through this investment.

Development of savings habit: Generally all the life insurance plans are long term which makes you habitual to save money through a longer period of time. These regular savings ensure that you’ll get financial support during different stages of your life.

Tax Redemption: One can get great tax benefits during the entrance as well as exit of these life insurance plans, which makes sure that you are always gaining benefits from the insurance.

Loan against policy: One of the most important benefits of these policies is the fact that one can get a loan against these policies and tackle the unplanned stages of life with great ease.